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Home Business News Business

Expert says National Quality Policy will stimulate Nigerian export value and volume

Omokolade Ajayi by Omokolade Ajayi
January 31, 2021
in Business
Expert says National Quality Policy will stimulate Nigerian export value and volume
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The Executive Director, Africa International Trade and Commerce Research Ltd (AITCRL), Mr Sand Mba-Kalu, has revealed that the approved National Quality Policy will set the stage to improve the competitive vigour of Nigeria’s non-oil export value.

He made this known while speaking during an interview in Abuja with the News Agency of Nigeria (NAN) on Sunday.

The trade expert revealed that there have been concerns over the years, by stakeholders over the poor-quality compliance level of the Nigerian non-oil export, he added that this reality in the economy led to the rejection of most export based on their quality and standard owing to inadequate technical capacity.

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READ: How to access new CBN’s Non-oil Export Fund

He revealed that the lack of consistency in the country’s regulatory framework could be attributed to the effete national quality policy. According to him, the recently approved policy will require legislative backing and stakeholders must ensure that the business community are well informed and educated on the policy.

Mba-Kalu pointed out that the process for the policy commenced under Goodluck Jonathan’s administration. however, the eventual ratification of the policy under President Muhammadu Buhari is an avid step towards enhancing Nigeria’s export value and volume.

In line with this, he advised that the implementing institution should be empowered to enforce the standard, conformity assessment and accreditation with the domestic market, adding that support mechanisms should also be put in place for MSMEs to take advantage of the policy.

READ: FIRS generates N490 billion tax revenue in July, collects 89% from non-oil sector

What you should know

  • Recall that Nairametrics reported that The Federal Executive Council (FEC) on Wednesday approved the National Quality Policy, the policy was put in place to ensure that Nigerian-made goods are up to global standards for export.
  • In line with the proposition of the new policy, the government revealed that it would work with the private sector in setting up quality testing centres and labs to approve goods that have met the required standard.

READ: We are working to clear N124 billion backlog of export claims – NEPC

What Mba-Kalu is saying

Mr Mba-Kalu said: “Unfortunately, meeting quality standards has always been a major challenge for Nigeria non-oil exporters especially for Micro Small and Meduim Enterprises (MSMEs).

“The EU recently extended the export ban of Nigeria beans to the EU member states to 2022, due to the Nigerian government’s failure to implement the food safety action plan submitted in 2018.

“That is why I welcome the approval by FEC for the Nigeria Quality Policy which I believe, will address this shortcoming,” he said.“That is how the policy will help grow their businesses, while boosting Nigeria non-oil export by preventing reject of Nigeria export.”

READ: CBN set to restructure the Nigerian Commodities Exchange in 90 days

Why this matters

  • The National Quality Policy is aimed at clarifying and reinforcing the country’s readiness to put in place the necessary infrastructure that would create global acceptance of Nigeria’s products and services.
  • The new policy will produce an encompassing system that will provide quality specifications for all manufactured products in the country, and act as a catalyst for local productivity and quick adaptation of best global standards and practices towards enthroning quality culture.
  • This move will help in attaining efficiency and product competitiveness, thus reducing imports and increasing exports.

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Tags: Africa International Trade and Commerce Research LtdAITCRLNational Quality Policy
Omokolade Ajayi

Omokolade Ajayi

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor.

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